The historic Jemalong Station, along with Jemalong Citrus, has been sold.
Twynam Agricultural Group has entered into contracts at more than $115 million for the sale of the Forbes properties and water licences along with Merrowie at Hillston.
The Jemalong properties are being purchased by Optifarm, a group of investors from the Netherlands and Merrowie by a US-based institution, MRA Merrowie Pty Ltd.
The sales are currently subject to Foreign Investment Review Board consideration.
Jemalong Station is 13,387 hectares with Lachlan River frontage, it has been held by Twynam for more than 40 years.
Lead agent in the sale Gary Johnston, who is also a local farmer, said there was a lot of interest from both on and off-shore investors.
Across a 30-day national campaign, he fielded more than 50 enquiries and took 24 potential buyers on property tours of Jemalong alone.
“It was a great honour to be able to showcase the Forbes area to so many potential investors,” Mr Johnston said.
“As a relatively new stock and station agent it was a great opportunity to give first-hand, local advice to prospective purchasers in relation to the local area, irrigation and cropping opportunities.
“Jemalong Station has presented very well considering the seasonal conditions.”
Mr Johnston said there was a great deal of interest in additional property coming on the market.
“It’s clear that there’s a very strong emerging interest in properties in Forbes and the Lachlan area generally,” he said.
The Jemalong properties are to be managed by Customised Farm Management, who released a press statement last week.
They said they would invest in “higher value crops” where possible, with permanent crop development underway at their Darlington Point property Ur Park and more being evaluated for Jemalong.
“Broadacre farming is expected to be a key component of operations at Jemalong, in addition to livestock operations,” the statement said.
“Rehabilitation to existing irrigation infrastructure is planned for both properties, where the latest technology associated with irrigated agriculture is likely to be incorporated under a ‘water use efficiency’ first philosophy.”
Customised Farm Management also indicates they intend to source staff locally and use local service providers wherever possible.
The sale of the three properties finalises Twynam’s sale of its Lachlan Valley properties.